What Libra Gets Wrong About Bitcoin But Square Gets It?

As Zuckerberg endured a long testimonial before the US congress, we are wondering what Libra gets wrong about crypto and bitcoin in general and why his project cannot make a successful entry on the market. In today’s Libra latest news we try to find out.

This week, the history repeated itself when Zuckerberg testified before the US House Financial Services Committee as he did back in July and the lawmakers again, trashed Libra worrying that it could facilitate money laundering and terrorist financing. They questioned Facebook’s CEO about the goal of his company and expressed fears that Libra could really threaten the US dollar.

While the Facebook CEO endured another public humiliation, he really showed us what not to do for companies that want to impose a crypto strategy. By creating private money like Libra, is certainly not the right thing to do and the CEO of Square seems to realize that. Although he is also pursuing a crypto future, Jack Dorsey who is the CEO of both Square and Twitter hasn’t absorbed any beating at all. He has been celebrated in the crypto community and that’s because he is not reinventing the entire financial systems to try and profit out of it.
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Rather than promising a new digital currency, Square has embraced what is already in existence. Over the last year, the company hired a team to contribute to the original cryptocurrency through SquareCrypto. The engineers are working on bitcoin virtually as a public service and SquareCrypto is focusing on some less thrilling issues such as code reviews which make sure that GitHub contributors are free from performance and security bugs. This is one thing that Libra can’t seem to understand. The developers are thinking about how to make the open financial system work for everyone and not just the corporate elites. Dorsey believes that money should be free-flowing much like the internet:

‘’An internet company can launch something and it’s available around the world. Whereas with payments, you have to go to each market and pay attention to regulators. You need a partnership with a local bank. This is a very slow process in any new market. The Internet having a native currency will enable us (Square) to be more like an Internet company.’’